What happen if car total loss?

[RunAway]

Mr Silver_blade let me enlighten you, taking 2-3 days to report to idac/police is no big deal. who the hell will not make a report to idac? and the matter of fact that you said " The rules stated you hav to do this do that" and "You may this and you will that" tells me so much simpleminded you are. Gd Nite!

[Ladykillerz]

based on my experience.

if you opted for certain insurance company's premium plan, there is an one-to-one exchange if total damage within one year.

for subsequent years, the payment will be based on market value. yes, market value.

 

how they do is, they will average it out with the current market value (from highest to lowest).

 

for example, if you can sell your car at $100k and if total damage, the insurance agent will based on current average price, can be range from $90k-$110k, depending on market situation.

therefore, some can earn more, some will make losses. this is very subjective and depending on individual situation, no strict rule on the settlement amount.

 

most importantly for car owners, it is about next renewal of insurance.

your NCD will be reset to 0% and you did a claim, your next premium cost will shoot up.

[Maroon5]

i kena before, 5 yrs ago my car caught fire and total loss. they paid me market value ie. the equivalent of buying a similar vehicle in open mkt. but tats my exp 5 yrs ago.

[Angelvine]

confirm way way below market value... and take few yrs to get it...

like my friend... total loss... no car... but still paying the bank every mth for installment...

 

and when insurance company pay out... is not to you... is to the bank!!!!

then he still got to pay installment but still no car!!! cos he take high loan (no deposit), cos of the loan still there... he cannot buy a new or 2nd hand car!!! all not approve...

 

so best pay 20-30k deposit to buy a car...

 

 

[Chinablue]

for total loss, normally how long insurance needs to get back the settlement amount??

angelvine mentioned few years??? that's very long.

[Ladykillerz]

for total loss, normally how long insurance needs to get back the settlement amount??

angelvine mentioned few years??? that's very long.

 

i reckon it depends on case by case basis.

perhaps depend on any third party involved, who's fault, etc.

need time for them to investigate before the case is closed for payment.

from my previous case, i got the cheque within two months. hope it helps.

[Wizardofzzz]

if your statement it is true , alot of 2nd hand dealer will crash the car on road if the car is not moving or no 1 buying it.

 

how , i am not sure. but there are certainly a way.

 

U also funny..Y not u go wack yr car to a total lost state and share yr experience? LOL

 

Im speaking from experience..YES! BEEN there done that..total lost..car paid out to close market value..slightly lower by 2k on what was posted on sgcarmart at that time. On OD claim

 

And also..got much simpler way than crashing..just drive to msia and declare lost due to theft..Insurance com will also pay out mkt value NOT paper VALUE.(called AVIVA and confirmed)

but pls stand buy another person to help you register as car owner when you wana buy the next car

Edited October 10, 2011 by Wizardofzzz

[Wizardofzzz]

for total loss, normally how long insurance needs to get back the settlement amount??

angelvine mentioned few years??? that's very long.

 

 

 

I tried claiming 3rd party and was informed it might take at least 6-12months(if lucky) before they pay out, In the meantime you still need to sevice yr installment and remain carless

End up revert to OD and settle in less than 2months

The rest let the insurance com settle against themselves

Edited October 10, 2011 by Wizardofzzz

[GTR]

Normally they will get quote from 2nd hand car dealers selling price and will pay around 80-85% depending.

 

Won't be paper plus body nowadays.

 

I heard of a legacy who got 90% market price but that was only 1 case. Most will be 80%.

[Satria_neo]

depends.. i got more than what i could have gotten if i sold my car on the open mkt..

 

Wow you claim total loss for your car? I can't imagine whats your insurance is like now.....

[Darkseed73]

confirm way way below market value... and take few yrs to get it...

like my friend... total loss... no car... but still paying the bank every mth for installment...

 

and when insurance company pay out... is not to you... is to the bank!!!!

then he still got to pay installment but still no car!!! cos he take high loan (no deposit), cos of the loan still there... he cannot buy a new or 2nd hand car!!! all not approve...

 

so best pay 20-30k deposit to buy a car...

 

I totally don't understand what "Angelvine" is writing abt.....can some kind bro explain to me the logic?

[Wizardofzzz]

I totally don't understand what "Angelvine" is writing abt.....can some kind bro explain to me the logic?

 

implying those with with ten years 0% down car owner to be careful

Once reported on the paper. Car total loss but paid out amount wasnt enuff to cover outstanding loan amount thus have to top up to the bank

Big headache

 

[Elmo]

implying those with with ten years 0% down car owner to be careful

Once reported on the paper. Car total loss but paid out amount wasnt enuff to cover outstanding loan amount thus have to top up to the bank

Big headache

 

Think there's some insurance companies that cover the outstanding loan too. MSIG is one of them I think. Can chk out their website.

[Roadhogger]

TO TS, Many hearsay advice from forummers.....only read those with real experience on total lost. read my past post to santafe on total lost.

[Chinablue]

insurance had paid out for my total loss, value is approx of the same model and year selling in 2nd hand mkt.

Edited November 5, 2011 by Chinablue

[Ah_hwee]

- I need some advice on total loss claim matter.

- Currently i am claiming a total loss with my insurance company and having some dispute over the market value of my car. I had rejected their 2 previous compensation of 116k and 120k which i feel in my opinion way below the market value of my car.

- I called up several 2nd car dealer posing as a seller. The offers i got was between 130-145k range.

- Told the insurance company on this but was told to show them documented proof on the 2nd hand car dealer quotation. No 2nd car dealer want to give me documented proof fearing this may result in a court case.

- I am also unable to find similar model of my car in sgcarmat due to the age of the car. Fyi, mine is a 6mth old mark x.

- I am lost on my next course of action. Don really wanna to get into a civil claim with the insurance company as this is a waste of time and money.

[Jetabout777]

- I need some advice on total loss claim matter.

- Currently i am claiming a total loss with my insurance company and having some dispute over the market value of my car. I had rejected their 2 previous compensation of 116k and 120k which i feel in my opinion way below the market value of my car.

- I called up several 2nd car dealer posing as a seller. The offers i got was between 130-145k range.

- Told the insurance company on this but was told to show them documented proof on the 2nd hand car dealer quotation. No 2nd car dealer want to give me documented proof fearing this may result in a court case.

- I am also unable to find similar model of my car in sgcarmat due to the age of the car. Fyi, mine is a 6mth old mark x.

- I am lost on my next course of action. Don really wanna to get into a civil claim with the insurance company as this is a waste of time and money.

 

Don't mind me asking, but how much is your car's OMV?

[Blackyv]

- I need some advice on total loss claim matter.

- Currently i am claiming a total loss with my insurance company and having some dispute over the market value of my car. I had rejected their 2 previous compensation of 116k and 120k which i feel in my opinion way below the market value of my car.

- I called up several 2nd car dealer posing as a seller. The offers i got was between 130-145k range.

- Told the insurance company on this but was told to show them documented proof on the 2nd hand car dealer quotation. No 2nd car dealer want to give me documented proof fearing this may result in a court case.

- I am also unable to find similar model of my car in sgcarmat due to the age of the car. Fyi, mine is a 6mth old mark x.

- I am lost on my next course of action. Don really wanna to get into a civil claim with the insurance company as this is a waste of time and money.

 

the hard truth, u r screwed and nothing can be done. no one told you the moment you get hold of your car key the first day, it's value dropped by 20-30%? and dont expect the insurer to pay you anything above that. their 'market" value is damn low...